Transformer maker Baoding Tianwei Baobian Electric Co., Ltd. (SHSE: 600550) revealed that a letter has been received from cto transfer 352 million shares held in the listed arm to China South Industries Group Corporation (CSG) for CNY 2.135 billion in cash.
Tianwei Group currently holds a 51.3% stake in Tianwei Baobian, representing 700 million shares totally. After the equity transfer, Tianwei Group will still hold a 25.66% stake in the listed arm while CSG 25.64%. The two shareholders are majority and second biggest respectively for Tianwei Baobian.
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